Buy the house, lease the land: New type of 'affordable housing' introduced in Fresno

FRESNO, Calif. (KSEE/KGPE) – A caller benignant of lodging that a nonprofit says makes owning a location "affordable" is disposable successful Fresno for the archetypal time.

The South Tower Community Land Trust announced that it volition beryllium listing the city's archetypal Community Land Trust (CLT) location connected Wednesday.

CLT homes are often much affordable due to the fact that the homeowner is lone buying the house, not the land. The homeowners lease the onshore from the CLT successful a 99-year, renewable lease.

The nonprofit says that if the homeowner decides to merchantability the home, they indispensable merchantability it astatine the aforesaid complaint they bought it.

The CLT location offered by South Tower is simply a 2-bed, 2-bath, 796-square-foot location connected 517 N. Farris Ave. The listing is going for $215,000, and immoderate purchaser nether 120% of the country median income is eligible to acquisition the home.

According to Realtor.com, the aforesaid location sold for $250K successful 2024, earlier it was acquired arsenic a CLT.

CLTs are governed by residents of CLT properties, different assemblage members, and lodging professionals. There are implicit 40 CLTs successful California that unneurotic service implicit 1,600 lodging units and 3,500 residents.